The Moat Index
Compare moats, side by side.
Two to four companies, scored on the same five investor questions from their SEC filings — so the comparison is apples to apples. The method is fully public.
MKTX · Other · Wide moat
On the watchlist
The pricingPower component abstained: Not enough years of gross-margin data to score pricing power. The other four 20% weights were renormalized over the scored 80%.
FHI · Other · Wide moat
Wonderful & reasonably priced
The pricingPower component abstained: Not enough years of gross-margin data to score pricing power. The other four 20% weights were renormalized over the scored 80%.
| Measure | MKTX | MORN | FHI | HLI |
|---|---|---|---|---|
| Moat Score (0–100) | 95 (highest) | 90 | 87 | 84 |
| Methodology version | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 |
| Business trend | 98 (highest) | 92 | 62 | 93 |
| Pricing power | — | 98 (highest) | — | 46 |
| Returns on capital | 100 (highest) | 80 | 100 (highest) | 100 (highest) |
| Balance-sheet safety | 100 (highest) | 89 | 100 (highest) | 100 (highest) |
| Capital discipline | 81 | 90 (highest) | 86 | 80 |
| Price vs. high estimate | 17% above high estimate | 57% above high estimate | 16% below high estimate (largest discount to high estimate) | No price data |
| Market cap | $4.1B | $6.8B | $4.4B | — |
| Moat tier | Wide moat | Wide moat | Wide moat | Wide moat |
| Filings as of | FY2025 | FY2025 | FY2025 | FY2026 |